Question

In: Economics

After viewing the Joseph Pine Ted Talk, discuss what you viewed and how you would apply...

After viewing the Joseph Pine Ted Talk, discuss what you viewed and how you would apply it to your own projects.

Solutions

Expert Solution

The video of Joseph Pine addresses what the consumers want. Initially, the video explains the shift from commodities to goods and how over the period goods were commoditized. The video points out that the only thing the consumers care about is the price of the commodity. The video also mentions that it's not the produced goods alone that are commoditized but also the services. From services, evolution is to experience. The experience of a particular service is backed by authenticity. Authenticity is the one factor that the consumers are looking for these days. The businesses should render authenticity that satisfies consumers. Authenticity can be achieved only when the producer is true to himself. Being true has two dimensions which are being true to self and being true to what you say. In order to find your true self, the producer should find his/her heritage and base the business on it.

If I am starting a business, say a coffee shop. From studying the video, in order for me to be successful in the field, my product should be authentic and should render an experience to the consumers. Authenticity can be attained by using heritage products and processes in coffee production. Another important factor that I as a business person should look into is that whatever I advertise should be true. The experience and authenticity that i promise from my coffee shop should be true and attainable.


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